2023 Foreclosure CRISIS: Foreclosure Filings up 115% in 2022
Foreclosure filings were up in 2022 and it is likely that the foreclosure rate will rise again in 2023. There were over 324,000 foreclosure filings in 2022 as home prices continue to rise year over year. Despite high interest rates, in most of the US the real estate market hasn’t crashed and there is no real estate bubble.
It is unlikely that there will be a foreclosure crisis either, considering only 12% of all filings end up with homes sold at the trustee sale. The national foreclosure outlook for 2023 is that the number will rise, whether or not there is a recession, but it is unlikely that this number will affect the housing market in a negative manner.
The 2023 foreclosure outlook is that bank owned homes are still less than 10% of the number of homes that existed during the housing crash of 2008.